Penang Development Corporation (PDC) has inked a joint venture agreement with two Singapore-based companies to develop a RM1.3bil Business Process Outsourcing Prime (BPO-Prime) Complex in Bayan Baru.

The complex will be built on a 2.8ha of land where the PDC office is located currently.

Chief Minister Lim Guan Eng, who witnessed the agreement signing ceremony, said the collaboration with Temasek Holdings and Economic Development Innovations Singapore is a testimony of confidence and trust the international business community has in the future of Penang.

“BPO-Prime will represent the prime business hub in Malaysia’s Multimedia Super Corridor at Penang Cyber City 1 in Bayan Lepas with a gross developmental value of RM1.3bil and gross floor area of minimum RM1.6mil sq ft,” Lim said.

He added that the project would start in 2016 and was expected to finish by 2019.

Lim said BPO-Prime would be the catalyst for the Penang’s industrial transformation, such as creating a new cluster of economic development in BPO, Knowledge Process Outsourcing and Information Technology Outsourcing.

“It will also become the home to multinational companies and it is estimated to create 4,000 high-income and quality job opportunities.

Lim said BPO-Prime would ensure progress in economic vibrancy, social development, liveability and sustainability.

“The Shared Services Outsourcing (SSO) sector has achieved rapid growth over the years and the state’s SSO is providing more than 8,000 high-income jobs to locals as well as serving both regional and global markets,” he said. - By The Star